Payfast Founder Jonathan Smit Acquires iVeri

In Short

Payfast founder Jonathan Smit has acquired iVeri, one of Africa’s longest-standing payment technology providers. The deal brings iVeri’s payment infrastructure under the ownership of a well-known South African fintech operator.

What Happened

Smit, the founder and former Managing Director of Payfast, announced that he has acquired iVeri. iVeri has operated for close to 30 years and is known for building and running payment infrastructure.

Payment infrastructure is the behind-the-scenes software that helps merchants accept card payments and bank transfers, routes transactions to banks, and handles security checks. It is the plumbing that keeps online and in-store payments working.

The announcement positions iVeri as a platform Smit intends to develop further, using its existing merchant and enterprise footprint. While financial terms were not disclosed in the source, the transaction signals continued consolidation in African fintech, especially in the payment gateway and acquiring space.

Why It Matters

For merchants, ownership changes can affect product roadmaps, pricing, and support, especially for businesses that rely on older but stable systems. iVeri’s long history suggests it serves companies that prioritise uptime, compliance, and predictable performance over flashy features.

For South Africa’s payments market, the acquisition puts an experienced operator back in the infrastructure layer. That layer is harder to build than front-end apps because it requires deep bank integrations, risk controls, and certification work.

For the wider continent, this is another reminder that payments is still being shaped by acquisitions, not only new startups. As more fintechs compete for merchants, control of reliable payment rails can become a strategic advantage.